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Barclays to price 16.75% reverse convertibles linked to JetBlue via LaSalle
By Laura Lutz
Des Moines, Oct. 22 - Barclays Bank plc plans to price an issue of 16.75% reverse convertible notes due Feb. 6, 2008 linked to JetBlue Airways Corp. stock, according to a term sheet.
Interest will be payable monthly.
The payout at maturity will be par unless JetBlue stock falls below the knock-in price - 80% of the initial share price - during the life of the notes and finishes below the initial share price. In that case, the payout will be a number of JetBlue shares equal to $1,000 divided by the initial share price.
The notes will price on Nov. 2 and settle on Nov. 7.
LaSalle Financial Services, Inc. will be the lead agent.
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